Crowd-pulling Cineworld puts in blockbuster show - Business - Evening Standard
       

Crowd-pulling Cineworld puts in blockbuster show

Cineworld today declared itself "recession-proof" as blockbusters such as Batman and Mamma Mia draw massive crowds.

The cinema chain's chief executive Stephen Wiener said: "I have been in the business for almost 39 years and everyone always says nothing is recession-proof, but going to the movies is as recession-proof as you can find.

"It is escapism and gets people away from their day to day lives. People need to be entertained."

Cineworld said admissions were down 4.8% in the first six months of the year because of a lack of hit movies being shown.

But it said the second half had started well thanks to Indiana Jones and the Crystal Skull, Sex and the City, Mamma Mia and the latest Batman movie The Dark Knight.

Wiener also looked forward to the release of James Bond: Quantum of Solace at the end of October.

Despite the fall in first-half attendances, revenues were up 0.9% to £137 million while profits jumped 19.5% to £14.1 million.

Cineworld has 770 cinema screens across 74 locations including Shaftesbury Avenue, Haymarket, West India Quay and Kings Road.

Average ticket prices went up 6.1% in the first half to £4.34.

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